THE CHALLENGES OF MANAGEMENT TECHNOLOGICAL DEVELOPMENTS IN NIGERIA
(A CASE STUDY ALUMINIUM INDUSTRY)
The topic of this research work is challenges of management in Technological Development in Nigeria Aluminium industry was used as case study. The research was divided into five chapters. Chapter one starts by introducing the topic of the study. It goes further to explain why the study is important. Although all companies in Nigeria as a whole make up the study area, however for reason explain therein, the scope in limited to Asaba and also one company Aliminium Manufacturing Company (ALMACO). Limitation that hindered the smooth conduct of the study were also enumerated. Chapter two focuses to what other people, both Nigerians and people of other lands have written about management and technology both problems and challenges there from. It goes further to explain what is written by individuals as constituting the implication of technological tendencies and the need for challenges and also the constraint on technological development in Nigeria. Chapter three treats the research design, area of study, population of study, sample determination, source of data collection and instrument for collecting data. Chapter four is where the data were presented and analyzed under the leading data presentation and analysis therefore acts as the prelude to chapter five which is a very important chapter. Chapter five contains discussion of findings which will explain the out come of the study, what has been found as being problems and challenges posed by technological development in ALUMACO.
TABLE OF CONTENTS
1.1 Background of the study
1.2 Statement of the problem
1.3 Purpose of the study
1.4 Scope of the study
1.5 Significance of the study
1.6 Definition of terms
Review of Related Literature
2.1 The nature of technological development
2.2 Technological development in Nigeria
2.3 The management of technological
development in Nigeria
2.4 Managing technological development
within Nigeria firm
2.5 Summary of literature review
Research design and methodology
3.1 Research design
3.2 Area of study
3.3 Population of the study
3.4 Sample and sampling procedure technique
3.5 Source of data collection
3.6 Instrument for data collection
3.7 Method of data analysis
Data presentation and analysis
4.1 Presentation and analysis of data
4.2 Summary of results
Discussions, recommendation and conclusions
5.1 Discussion of results / findings
Human societies as the develop evolve technique, methods and strategies that enable them master their environment and ensure that survival. To the materials available to than, they apply these techniques, methods and strategies to achieve a mix that optimally serves their need within the limits of their perception. As their awareness increases and new materials are discovered the limits of this perception widen.
Better procedures are found adapting action to circumstances and means to ends. Inevitably, a cidre of people emerge to perpetuate and guarantee the application of these discoveries. Improved techniques for betterment of that society results. This process depicts a unique relationship between three key elements technology, management and development.
1.1 BACKGROUND OF THE STUDY
Technologies are some of the ways in which a social group provides itself with the materials objects of its civilization. More closely defined, technology is the body of skills knowledge and procedures for making, using and doing useful things the techniques for accomplishing recognized purposes.
By this definition, technology transcends the technical artifacts (machines, factories etc) by which it is often associated and goes on to embrace the simple ways by which primitive cultures tend for themselves as they strive to survive in hostile natural environment. Drucker’s (1968:66) views technology as the craft and science of any organized human activity.
Management will be considered as meaning:
i. The process and activity of carrying out the task of ensuring that number diverse activities are performed in such a way that a defined objective is achieved especially the task of creating and maintaining condition in which desired objectives are achieved by the combined efforts of a group of people using limited resources.
ii. And as the group of people within an organization who are primarily concerned with the management of the activities of that organization.
As a process and activity, management is concerned with the provision, and development of resources be it men, materials or money, as a group of people, it is the institution vested with responsibility, power and authority to perform the tasks implied by the process, such tasks are performed with which the enter price interacts. Within these environments lie the challenges of development and change.
Advance learners dictionary defines development as “the process or state of causing things to grow larger, further or more mature and organized, of unfolding things”. Thus between the fast and present things develop. Development take place, as the present becomes the future.
Development is characterized by change, by a break in continuity, a rearrangement, or break through. Something different emerges and relationships are restructured, demands increase and challenges arise.
Consequently, problems of adjustment are created and attachments to things and phenomena increase.
Derek French and Heather Seqard dictionary of management, (Pan Books Ltd London, 1975) p. 247 Loc. Cit, A.S Hornby et al. Oxford Advanced learners Dictionary of English (ELBS and Oxford University Press, London, 1973:239). Technologies change, methods change, people change and organizations change as human beings try to do things better to grow and to improve. These changes interact with each other and with the environment to produce muse change and developments. Within this general frame work of definitions and delineations, the researcher will find out the implications and challenges of technological development for managers operating within Nigeria.
It must be admitted that even though technology and management have significant universal characteristic individually and in their interrelationships most of their effects have meaning and importance only when considered against particular socio-cultural backgrounds. Technological development and its management necessarily imply different things in Nigeria as distinct form other countries and culture.
The challenges differ and the required managerial action must reflect the environmental conditions.
1.2 STATEMENT OF THE PROBLEMS
To satisfy the inquiring nature of this study the following pertinent questions are posited or asked.
1. Does technology require effectively managed organization for its exploitation and perpetuation?
2. Is efficient management a prerequisite for technological development in Nigeria?
3. Is political instability and inadequate security a hindrance to technological development in Nigeria?
4. What are the influences of social, economic and environmental factors on technologies development in Nigeria?
1.3 PURPOSE OF THE STUDY
In reading the importance of the advancement in technology to any organization, the fundamental question that arises is how can an organization be managed so as to tap or exploit this intricate and sophisticated technology. Therefore the aims of this work are;
1. To identify the implications of current technological tendencies and needs for management.
2. to identify the challenges and problems posed by technological development for Nigeria management.
3. to identify if any the advancement of management technological development exist in Nigeria.
4. finally, proffering possible ways in which they could adapt to him in the tight of current conditions and trends.
1.4 SCOPE OF THE STUDY
Research on this topic is virtually like conducting a social research since it involves dealing with people and finding their way of doing things that is how they tackle and handle indicate and sophisticated technology of the research work. It scope covers a wide global range of the country (Nigeria) in pursuance of technological development of aluminium industries.
1.5 LIMITATION OF THE STUDY
The research work will be limited due to the following constraints.
Time factor: This has been of serious effect on the conduct of this research and this made it in possible to cover the whole Nigeria. Being of course a final year student, the researcher had to short of time at his disposal for the study as he had to combine it with other academic work. In addition to the time factor was inadequate funds which is affecting every body in this country more so, to a student like the researcher.
Financial factor: The success of any research work depends largely on the extent to, which k the work is financed. Due to listed finance, it was impossible for the researcher to carry out his work on all the whole Nigeria.
Uncooperative attitude: The study involved finding out the ingenuity and tactics applied to management from the beginning to their present position for trying to sustain technological advancement in the country. Uncooperative was encountered thereby implied interviewing and finding their problems and how they will be solved.
1.6 SIGNIFICANCE OF THE STUDY
This study will provide an opportunity for any manager who is already in the field or who is coming into the field who may read it to appreciate what development in technology is all about, the problems and challenges posed by this technological development for Nigeria management.
Finally, proffering possible solutions to the problems, the acquaintances with all the issues to be raised with all things being equal will ginger the enthusiasm of many more managers in the direction with the consequent favourable chain effect festering rapid development in technology.
1.7 DEFINITION OF TERMS
Technology: It is the body of skill, knowledge and procedures for making using and doing useful things the techniques for accomplishing recognized purposes.
Management: This is the process and activity of carrying out task of ensuring that a numbers diverse activities are performed in such a way that a defined objectives is achieved.
Development: Is the process or state of causing things to grow longer, further or more mature and organized unfolding things.
Environmental conditions: It is the condition that necessitates a group of functions or the personnel who carry activities out in an environment (organisation to provide autonym to either labour or ownership.
ND PREVENTION OF FRAUD IN THE BANKING INDUSTRY
(A CASE STUDY OF UNION BANK PLC)
In chapter one, I made brief introduction of the project work. Chapter two, a review of previous work of some notable authors was made. Chapter three dealt with the research methodology used gathering data. Chapter four highlighted the presentation and analysis of the research questions chapter five dealt with the summary, conclusion and recommendation.
TABLE OF CONTENTS
1.0 Introduction 1
1.1 History of Union Bank of Nigeria Plc
1.2 Objectives of study
1.3 Significance of study
1.4 Scope of study
1.5 Limitation of Study
1.6 Background History of Union Bank Plc
1.7 Definition of terms
2.0 An overview of Banking – Meaning of Banking
2.1 Types of Banking Account
2.2 The basic Banking functions (CBN)
2.3 What is Fraud?
2.4 Types of fraud
2.5 Causes of fraud in a Bank
2.6 Effect of fraud in a Bank
2.7 Prevention of in a Bank
2.8 Prevention of fraud between two different banks
2.9 Prevention of fraud by Bank customers
3.0 Research methodology
3.1 Research design
3.2 Characteristics of study population
3.3 Research instruments
3.4 Administration of data collection
3.5 Method of data analysis
3.6 Limitation to research methodology
4.0 Data presentation and analysis
5.2 Summary of findings
With the existence of so many banks and the establishment of new ones in the banking industry, the banking environment is becoming more competitive and sophisticated as each bank in new ideas
The banking industries have always been associated with some degree of fraud. The issue of bank frauds and forgeries should not be surprising in view of the fact that money is mainly the trade-mark of banking industries. In Nigeria, bankers are particularly concerned because fraud perpetration is on the increase and continuous to acquire greater dimension. More importantly, the high rate of frauds and forgeries in the overall banking system has negative effect on the growth and development as well as stability of banks which invariably affects the financial sectors in the economy.
Fraud, in a nutshell, is a criminal deceptive act of a person, fraud in itself is the number one enemy of business because of the magnitude and degree of importance of the amount that could be involved.
The charted institute of banks of Nigeria (CBN) and the central bank of Nigeria (CBN) have made various efforts to reduce or eliminate fraud in banks in Nigeria, but desired result have not been achieved. The institute has been able to establish a fraud investigation panel to look into cases of bank frauds and dishonest conducts involving their members. Also government agencies such as ICPC, EFCC, police and law court etc set up to examine these cases, while most of them have become fraudsters, and had become nuclear and concise in their operation, the bankers have failed to wake up to challenges, that’s why fraudsters always succeed in their operation and millions of naira had been carted away.
This problem has invariably affected the trust of the depositors in banks and has resulted in their deciding to keep away a substantial part of their money from the bank.
As a result of this, this study intends to proffer solutions to this serious problem that is now a cankerworm eating into the fabric of the banking industry by using Union Bank of Nigeria Plc as sample case study.
1.1 STATEMENT OF RESEARCH PROBLEM
This study has the general problem of finding out the causes, effects of fraud in the banking industries. Therefore, the research question which this study hope to seek answers to are:
1. Do auditors (External/Internal) carry out their duties independently in terms of investigation?
2. Does the accountants or book-keeper records all transaction accurately?
1.2 OBJECTIVE OF THE STUDY
The objective of the study includes the following:
1. To identify the causes, effects and the possible means of preventing frauds in our banking industries.
2. To ascertain whether the members or staffs are well compensated and motivated in order to discourage them from engaging in fraudulent practices.
3. To evaluate the different strategies of curing frauds in the banking industries.
4. To ascertain the problems associated with their detection and possible prevention.
(a) Does the management recruit the right personnel?
(b) Does management invite external auditors for periodic auditing?
SIGNIFICANCE OF THE STUDY
This project work would be useful in the following as stated below:
1. To the banking sectors, this will enable the management and staff to identify the root causes, effects and possible means of preventing fraud. The study will also assist them in identifying the appropriate system of control to adopt in their day to day activities in order to control fraudulent practices in banking industry.
2. To the society, it will provide an insight and enlightment as to the existence and nature of fraudulent practices and how best to detect or provide assistance to banks for their prevention.
3. To the academic, this will provide appropriate channel through which further investigation and research findings could be under taken in order to unfold and bring to the surface hidden features yet unknown in the society at large.
4. To the world in general.
1.3 SCOPE AND LIMITATION OF THE STUDY SCOPE OF STUDY
This research study focuses attention on the financial figures reported on the annual report and accounts for curb fraud in banking industry.
1.4 LIMITATION OF THE STUDY
In the course of carrying out this research work, some constraints that hindered the extensiveness of the research include:
1. Secrecy of information
The bank restricts access to its core financial documents. Staff could not reveal to the researcher some facts because of fear of retimization.
2. Time constraints
In nutshell, the time available for due completion of the days work is short considering the scope and purpose of the study.
1.5 BACKGROUND HISTORY OF UNION BANK PLC
Union bank of Nigeria plc has her origin dating back to the year 1917 when the colonial bank authorized by the British Act of 1916 started operation in Nigeria. In 1925, Barclays Bank(Dominion Colonial and overseas) was formed to take over the activities of the colonial bank. The name of the bank abbreviated Barclays banking 1950 and a Nigeria head office established in Lagos a year later.
The bank legally incorporated in Nigeria 1969 as a wholly owned subsidiary of Barclays Bank DCO, but as a private limited ability company. This structure of ownership remained until 1970 when 8.3% of the bank shares were offered in Nigerian stock exchange for the first time thus, it became a public limited company. As a result of the Nigerian enterprise promotion decree of 1972, the federal government of Nigeria acquired 51.67% of the bank shares which left Barclays bank plc, London with 40%.
A landmark in the bank’s history occurred in 1979 when Barclays sold 50% of it’s share holding in the bank of Nigerian. This resulted in the change of the bank’s name from Barclays bank of Nigeria to Union Bank of Nigeria Limited to reflect its new progressive image and ownership of Barclays Bank was disposed in 1989. today, union bank is one of the oldest independent and non-governmental banking institutions that is 100% owned and wholly managed by Nigerians.
In 2008, the bank has a total asset of N76.55 billion, deposit N51.61 billion, gross earnings of N9.87 billion and net profit after tax of N574. 46 million. Union bank of Nigeria has won the Nigeria stock exchange president’s merit award in the financial sector more times than any other bank in Nigeria. In the year 2000, it won the bank of the year in 28 out of 36 states including Abuja and its has also won this award consecutively for over ten years. In year 2008 and 2009 it was named by financial times of London as the best and number one in Nigeria. The Bank has a branch network of 258 branches in Nigeria and one in London as at 2019 its staff strength stand at about twelve thousand, one hundred and thirty six in a nutshell, union bank is presently a very successful bank and it is one of the leading commercial bank in Nigeria.
1.6 DEFINITION OF TERMS
Fraud: this is a false representation by means of a statement or conduct, in order to gain a material advantage.
Theft: This is the act or crime of steeling.
Auditor: A person or firm appointed to carry out an audit of an organization or the people who run and control a business.
Bank: This is a commercial institution that takes deposits and extends loans to customers.
Banking industry: This is an institution in which transaction involving fund placement as well as foreign exchange transaction in an economy is carried out.
Central Bank: This is the apex of the banking system of every country.
Fraudulent: This is a deceitful or dishonest act.
Fraudulent trading: The carrying on of the business of a company with intent to defraud creditors or for any other fraudulent purpose.
Fraudulent conveyance: The transfer of property to another person for the purse of putting it beyond the reach of creditors.